The 4 Most Common Tax Write Offs and Deductions for Small Business. As a small tax-paying business owner, you care about two things and two things only, that's increasing revenue and decreasing expenses. In this video Shayan Rashid (partner), explains the four largest expenses that you can deduct on your tax return so that you pay less to the CRA.
1. Office Expenses: This includes any upkeep expenses that you incur to maintain your property.
2. Automobile Expenses: You can deduct the capital cost allowance or the amount of the vehicle price from your taxes up to $30,000.
3. Capital Assets: These expenses include equipment, vehicles or even upgrades to your property.
4. Industry-Specific/General: The last group of expenses that we're going to discuss are those that are industry-specific or just general to you. You can also deduct these from your tax return, unless they are specifically prohibited by the CRA.
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